Coldwater Creek to close its stores

The company filed for Chapter 11 bankruptcy protection on Friday after it failed to find a buyer. Local retail stores of the company are at Eastview Mall in Victor and at the Waterloo Premium Outlets in Seneca County.

The Idaho-based woman’s clothing and accessory retailer has 334 stores, 31 factory outlet stores and seven day-spa locations, as well as a catalog and an online business. It employs 6,000 people worldwide.

After 30 years in business, it owes $96 million on a term loan and expects to close its stores this summer. The company has not seen an annual profit since 2007 and lost $82 million last year.

Coldwater Creek won court approval on Monday to borrow $42 million to finance operations while it prepares for going-out-of-business sales at its more than 370 stores, Bloomberg reported. Coldwater said last week it intends to begin liquidating inventory just before the May 11 Mother’s Day holiday.